Louisiana Money Transmitter License Overview
Who Controls the Louisiana Money Transmitters License?
The Louisiana Office of Financial Institutions issues a Sale of Checks and Money Transmitters License to any person who engages in the business of money transmission or selling of checks as a service or for a fee or other consideration in Louisiana. “Person” means any individual, partnership, association, joint stock association, trust, or corporation but does not include the United States government or the government of this state
Activities Authorized by the Louisiana Sale of Checks and Money Transmitters License
The Louisiana license authorizes the following activities:
- Electronic money transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Other – money services
Louisiana Sale of Checks and Money Transmitters License Net Worth and Surety Bond
To acquire a Sale of Checks and Money Transmitter License in Louisiana, you need a minimum tangible net worth of $100,000. You shall also be required to submit a surety bond of $25,000 or a premium in the amount of $625.
Louisiana Sale of Checks and Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Sale of Checks and Money Transmitter License in the state of Louisiana. The process will take approximately three months.
Applying for a Money Transmitter License in Louisiana
When applying for a money transmitter license in Louisiana, you will have to follow these steps:
- Make sure that your business is registered with FinCEN. You will be required to enter your registration number when filling out the application form in NMLS.
- Create an account with NMLS.
- Be aware of all the current state laws and regulations pertaining to your industry and keep yourself updated on any changes.
- Go through the NMLS document checklist.
- Gather all documents
- Start your application filing process
- Pay fees
- Wait for an answer from the regulator.
Based on your case, you might be required additional documents, and as a result, your waiting time will increase.
This page was last updated on September 22, 2022.